Accounts Officer
100+ Accounts Officer Interview Questions and Answers
Q51. What is the full form of GST and explain it
GST stands for Goods and Services Tax, a comprehensive indirect tax levied on the supply of goods and services in India.
GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
It has replaced multiple indirect taxes like VAT, service tax, excise duty, etc.
GST has 3 components - CGST (Central Goods and Services Tax), SGST (State Goods and Services Tax), and IGST (Integrated Goods and Services Tax).
It aims to simplify the tax structu...read more
Q52. What is you're fucher plan
My future plan is to continue growing in my career as an Accounts Officer, gaining more experience and expertise in financial management.
Continue pursuing professional development opportunities such as certifications or advanced degrees
Seek out mentorship from experienced professionals in the field
Set specific career goals and create a plan to achieve them
Stay updated on industry trends and changes in accounting regulations
Explore opportunities for leadership roles within the...read more
Q53. What is Composite supply & mix supply
Composite supply is a supply consisting of two or more taxable supplies of goods or services or both, which are naturally bundled and supplied in conjunction with each other.
Composite supply involves multiple taxable supplies bundled together as a single supply.
It is treated as a single supply for tax purposes.
The tax rate applicable to the principal supply is applied to the entire composite supply.
Example: A laptop sold with a laptop bag and a mouse as a single package.
Mixed...read more
Q54. How you analyses the experience of employees
I analyze employee experience through performance evaluations, feedback, and surveys.
Conduct regular performance evaluations to assess employee skills and progress
Collect feedback from managers, colleagues, and clients to identify strengths and areas for improvement
Administer surveys to gauge employee satisfaction and engagement
Use data to develop training and development programs to enhance employee experience
Track employee turnover rates to identify potential issues and imp...read more
Q55. Journal entry for bank charges
Bank charges journal entry is a debit to bank charges account and a credit to bank account.
Debit bank charges account
Credit bank account
Bank charges are expenses incurred by the bank for providing services to the account holder
Example: Bank charges of $50 for the month of January
Journal entry: Debit Bank Charges account $50, Credit Bank account $50
Q56. What is contingent Liabelity etc etc
Contingent liability is a potential liability that may occur in the future depending on the outcome of a specific event.
Contingent liabilities are not recorded in the financial statements but disclosed in the notes to the financial statements.
Examples include pending lawsuits, warranties, and guarantees.
The amount of contingent liability and the likelihood of occurrence determine whether it needs to be disclosed or not.
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Q57. What is defered revenue expenditure?
Deferred revenue expenditure refers to expenses that are incurred in one accounting period but are recognized as assets and expensed over multiple periods.
Deferred revenue expenditure is recorded as an asset on the balance sheet and is gradually expensed over the period of benefit.
Examples include heavy advertisement expenses, preliminary expenses for setting up a business, and expenses incurred for the development of a new product.
These expenses are not immediately written o...read more
Q58. What are the common Tcodes of SAP?
Common Tcodes of SAP are used for various functions like financial accounting, material management, sales and distribution, etc.
FICO (Financial Accounting) - Tcode: FB50
MM (Material Management) - Tcode: MM01
SD (Sales and Distribution) - Tcode: VA01
HR (Human Resources) - Tcode: PA30
Accounts Officer Jobs
Q59. What are the provision of TDS u/s 194C?
TDS u/s 194C requires deduction of tax at source on payments made to contractors/sub-contractors for work/services.
TDS rate is 1% for individual/HUF and 2% for others
Threshold limit for TDS deduction is Rs. 30,000 per single payment or Rs. 1,00,000 in aggregate during the financial year
TDS is to be deducted at the time of credit or payment, whichever is earlier
TDS certificate in Form 16A is to be issued to the deductee
Non-deduction of TDS attracts interest and penalty
Q60. Discuss about the TDS Sections with section.
TDS sections are provisions for tax deduction at source. There are various sections under TDS.
Section 192: TDS on salary
Section 194A: TDS on interest other than interest on securities
Section 194C: TDS on payment to contractors and sub-contractors
Section 194J: TDS on professional or technical services
Section 195: TDS on payment to non-residents
Section 196C: TDS on income from foreign currency bonds or shares
Section 197A: No deduction of TDS on certain payments
Q61. How to reduce cost of production
To reduce cost of production, focus on optimizing processes, reducing waste, negotiating with suppliers, and implementing cost-saving technologies.
Optimize production processes to increase efficiency and reduce waste
Negotiate with suppliers for better pricing on raw materials
Implement cost-saving technologies such as automation or energy-efficient equipment
Regularly review and analyze expenses to identify areas for cost reduction
Train employees on cost-saving measures and enc...read more
Q62. Non eligible ITC how treat in GST RETURN
Non-eligible Input Tax Credit (ITC) in GST return should be treated as an addition to the output tax liability.
Non-eligible ITC should not be claimed while filing GST returns.
It should be added to the output tax liability in the return.
Examples of non-eligible ITC include ITC on personal expenses, entertainment expenses, etc.
Q63. Rent paid what is the entry in P/L
Rent paid is an expense and the entry in Profit and Loss account would be a debit to Rent Expense and a credit to Bank/Cash account.
Rent paid is considered an expense in accounting.
The entry in Profit and Loss account would be a debit to Rent Expense account.
The corresponding credit entry would be made to Bank/Cash account.
This entry reduces the profit of the business as it is an expense incurred.
Q64. What is the TDS RATE contractor bill
The TDS rate on contractor bills is typically 1% for individual contractors and 2% for contractors who have not provided their PAN details.
TDS rate on contractor bills is usually 1% for individual contractors
TDS rate on contractor bills is 2% for contractors who have not provided their PAN details
TDS needs to be deducted at the time of payment to the contractor
Q65. What is TDS rate of contractor
The TDS rate for a contractor varies based on the type of contract and payment amount.
TDS rate for a contractor can range from 1% to 10% depending on the nature of the contract.
If the contractor has a PAN card, the TDS rate is usually 1%.
If the payment to the contractor exceeds Rs. 50 lakhs in a financial year, the TDS rate is 5%.
For contracts related to advertising, the TDS rate is 1%.
For contracts related to transport, the TDS rate is 2%.
For contracts related to work contra...read more
Q66. framing of Maintenance of Books of Accounts
Maintenance of Books of Accounts is the process of recording financial transactions of a business.
It involves recording all financial transactions accurately and in a timely manner.
The books of accounts should be maintained in accordance with the applicable accounting standards and laws.
The books of accounts should be reconciled regularly to ensure accuracy.
The books of accounts should be kept safe and secure.
Examples of books of accounts include cash book, ledger, trial bala...read more
Q67. whether i am good at SAP or not
Yes, I am proficient in SAP and have experience using it in my previous roles.
I have used SAP extensively in my previous roles as an Accounts Officer
I am familiar with various modules of SAP such as FI, CO, MM, and SD
I have experience in generating reports and analyzing data using SAP
I am comfortable with navigating through SAP's interface and using its features efficiently
Q68. Brick &sand purchase if it eligible for ITC
Yes, brick and sand purchases are eligible for Input Tax Credit (ITC) under GST.
Brick and sand purchases are considered as inputs for construction activities, which are eligible for ITC.
ITC can be claimed on the GST paid for brick and sand purchases while filing GST returns.
Ensure proper documentation and compliance with GST rules to claim ITC on brick and sand purchases.
Q69. What is reverse charge macanizem
Reverse charge mechanism is a system where the recipient of the goods or services is liable to pay the tax instead of the supplier.
Under reverse charge mechanism, the recipient of the goods or services is responsible for paying the tax to the government instead of the supplier.
This mechanism is commonly used in cases where the supplier is not registered for GST or is an unregistered dealer.
It helps in preventing tax evasion and ensuring that the tax is collected by the govern...read more
Q70. What is the accounting procedures in SAP
Accounting procedures in SAP involve recording financial transactions, generating reports, and analyzing data.
Recording financial transactions using journal entries
Generating financial statements such as balance sheet and income statement
Analyzing financial data to make informed business decisions
Setting up chart of accounts to categorize transactions
Performing reconciliation of accounts to ensure accuracy
Utilizing SAP modules like FI (Financial Accounting) and CO (Controllin...read more
Q71. WHAT IS PROFIT AND LOASS STATEMENT
A profit and loss statement is a financial report that summarizes a company's revenues, expenses, and profits/losses over a specific period of time.
It shows the company's financial performance and whether it has made a profit or incurred a loss.
Revenues are the income generated from sales of goods or services, while expenses are the costs incurred to generate those revenues.
The difference between revenues and expenses is the net income (profit) or net loss.
It helps stakeholde...read more
Q72. What is the process of gold loan
Gold loan is a type of secured loan where gold jewelry is used as collateral.
Customer brings gold jewelry to lender
Lender evaluates the value of the gold
Loan amount is sanctioned based on the value of gold
Customer receives the loan amount
Customer repays the loan amount with interest within a specified period
If loan is not repaid, lender has the right to sell the gold jewelry
Q73. Tell me somthing abaut yourself
I am a detail-oriented and organized individual with a strong background in accounting and finance.
I have a Bachelor's degree in Accounting from XYZ University.
I have 3 years of experience working as an Accounts Assistant at ABC Company.
I am proficient in using accounting software such as QuickBooks and Excel.
I have excellent communication and problem-solving skills.
Q74. What is company assumptions?
Company assumptions are the beliefs or expectations that a company holds about its future performance or the market it operates in.
Assumptions are based on past performance and market trends
They can be used to make financial projections and inform business decisions
Assumptions should be regularly reviewed and updated as necessary
Examples of company assumptions include expected growth rates, market share, and customer demand
Q75. Debit credit on your bank passbook
Debit and credit entries on a bank passbook represent money coming in and going out of the account.
Debit entries represent money going out of the account, such as withdrawals or payments.
Credit entries represent money coming into the account, such as deposits or interest earned.
The passbook serves as a record of all transactions made on the account.
It is important to regularly check and reconcile the passbook with bank statements to ensure accuracy.
Any discrepancies should be...read more
Q76. What is the Capital of U.P
The capital of U.P is Lucknow.
Lucknow is the administrative capital of Uttar Pradesh.
It is also known as the 'City of Nawabs' due to its rich cultural heritage.
Lucknow is famous for its cuisine, especially biryani and kebabs.
The city is home to many historical monuments such as Bara Imambara, Chota Imambara, and Rumi Darwaza.
Q77. SAP Software working Experience
I have 3 years of experience working with SAP software.
Proficient in using SAP modules such as FI, CO, MM, and SD.
Experience in creating and maintaining master data in SAP.
Skilled in generating financial reports and analyzing data using SAP.
Familiar with SAP implementation and customization processes.
Trained new employees on how to use SAP software.
Q78. What is composition scheme
Composition scheme is a simplified tax scheme for small businesses with turnover below a certain threshold.
Available for businesses with turnover below a certain threshold
Allows for simplified tax calculations and compliance
Businesses under composition scheme cannot collect tax from customers
Quarterly filing of returns instead of monthly
Example: In India, businesses with turnover up to Rs. 1.5 crore can opt for composition scheme
Q79. Journal entries and tax ratings in india
Journal entries are the recording of financial transactions in a company's accounting system. Tax ratings in India are based on the type of tax and the applicable rate.
Journal entries are recorded in the general ledger using debits and credits
Tax ratings in India include GST, income tax, and customs duty
GST rates vary depending on the type of goods or services being sold
Income tax rates vary based on the income level of the individual or company
Customs duty rates vary based o...read more
Q80. General accounting principles
General accounting principles are the basic rules and guidelines that govern the field of accounting.
GAAP (Generally Accepted Accounting Principles) is the set of guidelines that all accountants must follow
The principles include consistency, relevance, reliability, comparability, and objectivity
Accountants must also adhere to the matching principle, which requires expenses to be recorded in the same period as the revenue they generate
Other principles include the cost principl...read more
Q81. What is the meaning of UNESCO
UNESCO stands for United Nations Educational, Scientific and Cultural Organization.
UNESCO is a specialized agency of the United Nations that promotes international cooperation in education, science, and culture.
It was established in 1945 and has its headquarters in Paris, France.
UNESCO is responsible for designating and preserving World Heritage Sites, promoting literacy and education, and supporting scientific research.
Examples of UNESCO World Heritage Sites include the Grea...read more
Q82. what is Gravel, Bitumin
Gravel is a mixture of small stones and sand, while bitumin is a black viscous mixture of hydrocarbons obtained naturally or as a residue from petroleum distillation.
Gravel is commonly used in construction for roadways and landscaping.
Bitumin is used in the production of asphalt for road construction.
Bitumin can also be used as a waterproofing agent for roofs and foundations.
Gravel and bitumin are often used together in road construction projects.
Q83. What is service Tax?
Service Tax is a tax levied by the government on services provided by service providers.
Service Tax is a form of indirect tax imposed on specified services.
It is governed by the Finance Act, 1994.
Service providers are required to collect and remit the tax to the government.
The rate of service tax varies depending on the type of service provided.
Examples of services taxable under service tax include consulting, advertising, and transportation services.
Q84. what is net asset value
Net asset value (NAV) is the value of a fund's assets minus its liabilities, divided by the number of shares outstanding.
NAV is calculated by subtracting the total liabilities from the total assets of a fund
The result is then divided by the number of shares outstanding to determine the NAV per share
NAV is used to determine the price at which investors can buy or sell shares of a mutual fund or ETF
Q85. Please calculate depreciation on land
Depreciation on land cannot be calculated as land is considered to have an indefinite useful life.
Land is not a depreciable asset as it is considered to have an indefinite useful life
Depreciation is typically calculated on assets that have a limited useful life, such as buildings or machinery
Land does not wear out or become obsolete like other assets, so it is not subject to depreciation
Q86. Debit credit on payment received
Payment received is recorded as a debit entry in the bank account and a credit entry in the accounts receivable account.
Debit entry is made in the bank account to increase the balance.
Credit entry is made in the accounts receivable account to decrease the balance.
For example, if a customer pays $100 for a product, the bank account will be debited with $100 and the accounts receivable account will be credited with $100.
Q87. WHAT IS BALANCE SHEET
Balance sheet is a financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time.
It provides a snapshot of a company's financial position.
Assets are listed on one side, liabilities and shareholders' equity on the other.
The balance sheet equation is Assets = Liabilities + Shareholders' Equity.
It helps investors and analysts assess the financial health of a company.
Example: If a company has $100 in assets, $60 in liabilitie...read more
Q88. What is labour Cess?
Labour Cess is a tax levied on the cost of construction or maintenance work carried out by an employer.
Labour Cess is a tax imposed by the government on the cost of construction or maintenance work.
It is levied on the employer and not the employee.
The rate of Labour Cess varies from state to state.
The collected amount is used for the welfare of construction workers.
For example, if the cost of construction is Rs. 1,00,000 and the Labour Cess rate is 1%, then the employer has t...read more
Q89. What is carear goal
My career goal is to become a certified public accountant and eventually work my way up to a senior financial management position.
Obtain CPA certification
Gain experience in financial management
Work towards a senior position
Continuously improve skills and knowledge through professional development
Q90. What is your stenth
My strength lies in my attention to detail, strong analytical skills, and ability to work efficiently under pressure.
Attention to detail: I am meticulous in my work and always ensure accuracy in financial records.
Strong analytical skills: I am able to analyze data effectively to identify trends and make informed decisions.
Ability to work efficiently under pressure: I can prioritize tasks and meet deadlines even in high-pressure situations.
Q91. What is the process of
The process of reconciling accounts involves comparing financial records to ensure they are accurate and in agreement.
Gather all financial records and statements
Compare transactions in records to bank statements
Identify and resolve any discrepancies
Prepare reconciliation reports for management review
Q92. What do mean pin number
A pin number is a personal identification number used to access a secure system or account.
Pin stands for Personal Identification Number
It is a numeric code used to authenticate a user's identity
It is commonly used for ATM transactions, online banking, and credit card purchases
It is important to keep your pin number confidential to prevent unauthorized access
Q93. Accounting principle
Accounting principle refers to the fundamental concepts and guidelines that govern the practice of accounting.
Accounting principles provide a framework for recording, analyzing, and reporting financial transactions.
They ensure consistency and comparability in financial statements.
Examples of accounting principles include the accrual principle, matching principle, and the cost principle.
These principles guide the preparation of financial statements such as the balance sheet, i...read more
Q94. Finalisation of books of accounts
Finalisation of books of accounts involves closing the accounting cycle and preparing financial statements.
Reviewing and adjusting entries
Preparing trial balance
Preparing financial statements
Closing temporary accounts
Ensuring compliance with accounting standards and regulations
Q95. What p2p cycle?
P2P cycle refers to the procure-to-pay process in which goods or services are ordered, received, and paid for by a company.
P2P cycle starts with the requisition of goods or services by a department within the company.
Purchase orders are then created and sent to suppliers for the requested items.
Upon receiving the goods or services, the receiving department confirms the delivery and invoices are matched with purchase orders.
Finally, payments are made to the suppliers for the g...read more
Q96. Accounting Experience
I have 5 years of experience in accounting, including bookkeeping, financial reporting, and budgeting.
Managed accounts payable and receivable, ensuring timely payments and collections
Prepared monthly financial statements and analyzed variances to budget
Developed and monitored annual budgets for multiple departments
Implemented new accounting software and trained staff on its use
Collaborated with auditors during annual audits to ensure compliance with GAAP
Q97. How to start company
Starting a company involves thorough planning, research, and legal procedures.
Conduct market research to identify potential customers and competitors
Develop a business plan outlining goals, strategies, and financial projections
Choose a legal structure and register the company with the appropriate authorities
Secure funding through loans, investors, or personal savings
Hire employees and establish company policies and procedures
Create a brand identity and marketing plan to promo...read more
Q98. Reason for sales tax negative
Sales tax can be negative due to overpayment or refunds.
Overpayment of sales tax can result in a negative balance.
Refunds issued for returned goods can also result in a negative sales tax balance.
Errors in recording sales tax payments can also lead to negative balances.
Negative sales tax balances can be corrected by adjusting future payments or requesting a refund.
Q99. Name Ctc Expectation etc
My name is John Doe, my current CTC is $50,000 and I am looking for a 10% increase in my salary.
Name: John Doe
Current CTC: $50,000
Salary Expectation: 10% increase
Experience: 5 years in accounts
Skills: Proficient in financial analysis and budgeting
Q100. Principles of accounting
Principles of accounting refer to the fundamental concepts and guidelines that govern the field of accounting.
Principle of Consistency: Accounting methods and procedures should be consistent from one period to another.
Principle of Materiality: Only significant information should be disclosed in financial statements.
Principle of Conservatism: When in doubt, accountants should choose the option that is least likely to overstate assets or income.
Principle of Full Disclosure: All...read more
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